Chinese bitcoin exchange BTCChina stops accepting deposits

Reuters Staff

1 Min Read

SHANGHAI (Reuters) - Chinese bitcoin exchange BTCChina said that it will stop accepting yuan and digital asset deposits on Wednesday as it prepares to wind down its mainland-based trading platform at the end of September.

The company said in a statement on its website that the halt on deposits would take effect at 0400 GMT. It also repeated that it would shut down its exchange businesses on Sept. 30, an announcement that it first made two weeks ago, and will also halt yuan and digital asset withdrawals at 0400 GMT on Oct. 31.

“All customers will be able to withdraw all their funds from our exchanges within 72 hours,” said BTCChina, which is one of China’s largest exchanges.

BTCChina and other crytocurrency exchanges have announced that they will shut down their mainland trading platforms amid a crackdwown by regulators who are concerned that Chinese investors are speculatively piling into such digital tokens.